Longboat Key firefighters narrowly approved in a 16-14 vote a new employee contract that moves all current and future employees out of the town’s pension system, freezes the existing town pension plan, and moves the employees to the Florida Retirement System (FRS).
One of the final turning points of 2012 was the Fire Department pension negotiation. Town Manager Dave Bullock had been negotiating fire pension discussions wherein both sides had agreed to a defined contribution model or a straight wage increase. Then in the last weeks of December, Bullock returned to the negotiating table and offered the [...]
The Town can check into the state retirement system, but it can never leave and that may ultimately be a good thing.
The Town of Longboat Key through Manager Dave Bullock made a complete shift from last week’s fire pension negotiation wherein both sides had agreed to a defined contribution model or a straight wage increase. Instead, on Tuesday of this week, the Town Manager returned to the negotiating table and offered the firefighters a pared-down version of a defined benefit plan that would put all employees in the Florida Retirement System and cap the cost and liability to Longboat taxpayers at 13% of payroll.
The Longboat Key firefighters are less than happy to have agreed to a defined contribution pension plan after months of negotiation with Town Manager Dave Bullock. On Friday afternoon, the Manager’s bargaining team and the fire department union agreed to a three-year contract that the Manager will present to the Town Commission for consideration.
The Town of Longboat Key narrowly avoided impasse in its contract negotiations with its Firefighter Union on Thursday
Proposal seeks to avoid a defined contribution approach.
In the eyes of most Americans, the raft of pension income for public servants has grown to a financial titanic. And we know where that metaphor ends.
In the face of spiraling unfunded liability costs, Manager Bullock proposes to freeze all employee pensions and convert to defined contribution model.
